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we are projected to the a big deficit below one of a trillion for the first time in five years. later, the mayor of san antonio and justified -- testifies on capitol hill about immigration policy. some of the automatic spending cuts delayed in december are scheduled to take effect next month. on the next "washington journal," we will talk about those cuts and program such as medicare and social security. severna, 40 5:00 a.m. eastern. our guest is from texas, and at 8:0020, a democratic congressman, henry waxman, of california, on efforts to combat climate change. your phone calls and tweeds, "washington journal," 7:00 a.m. on c-span. president obama announced his plan to avoid automatic spending cuts known as sequestration scheduled to begin march 1. it is including tax changes. the president spoke to reporters for just over five minutes. >> good afternoon, everybody. i wanted to say a few words about the looming deadlines and decisions that we face on our budget and on our deficit, and these are decisions that will have real and lasting impacts on the strength and pace of our recove
of deficit we're looking for next year? are you able to share any of that right now with the trends that we're seeing? >> through the chair to the committee, monique smuda from the controller's office. yes, we will have a report completed either by the end of this week or early next week on the six-month budget status, that will project both the revenue and the expenses. it's important to note that with the year-end close of fiscal year 12-13 there was increased revenue that was realized. and that increased revenue continues in the base budget in the current year. so the report will show excess revenue over the budgeted amount. however, as kate howard -- in the calculation that the mayor's office has developed for the deficit, that additional revenue was taken into account. so that is one of of the reasons that the targets for only 1.5%. we are also looking on the expenditure side. we have a few departments that have some savings. we have some departments that are over expending and the report will go into detail on those departments that are overbudget to determine what if any interve
is president obama really cares about the deficit. if there is something he noticed in the first two years when the economic crisis had to be front and center, the thing he wanted to deal with was the long-run deficit. the idea that he went on a spending binge if you don't make threats like that is crazy. the evidence is there that he put spending cuts on the table. he asked them for them to be paired with tax increases as well. there is more good will than people realize. more agreement that we have such a big budget problem that will we're going to fire on all cylinders. we have to cut spending. frankly, we have raise more revenue. >> you're listening to the california program and our speakers are economic experts. we are discussing national, regional, and global economic challenges. you can find video online. there's a series of questions around employment and job growth. what what is your outlook on job growth? >> i will start. i think -- i will say i was here last year and i'm more optimistic this year than last year. we made a significant amount of progress. it looks like housing prices h
of the administration, the deficit tripled, the previous record high deficit in this country, to $1.4 trillion. $1.3 trillion in f.y. 2010. $1.3 trillion in 2011, $1.2 trillion in f.y. 2012. and, mr. speaker, there's no plan that the administration has produced to get us from where we are, fiscal irresponsibility, to a point in the future of fiscal responsibility. mr. speaker, we've been doing our part here in the house, we've been proud to work together across the aisle in order to pass budgets that tackle those hard challenges that are ahead of us. if you go and read the president's comments, mr. speaker, you'll see that he recognized the challenges are hard. the question is, are we going to deal with those or not? i hold here, mr. speaker, a speech that the president made to the democratic national convention on september 6, 2012. where he said this, i will use the money that we're no longer spending on war to pay down our debt and put more people back to work. and my notes here said it was followed by extended cheers and applause. i suspect my friend from massachusetts supports that spirit who
, investment in this term, and we all recognize the deficit is an issue but it is an issue over a long term, and the balancing act by repealing sequestration creates for us in this country an opportunity to continue to recover and stabilize our economy, invest in thing wes need for the future, and put on the table revenue that is not there that needs to be part of the revenue generation we need in order to deal with the deficit issues of this country and the investment needed for recovery. thank you very much. >> thank you. i'm so happy to be here with the progressive caucus, talking bat sensible alternative. here are the facts. full implementation of the sequestration would threaten 2.4 million jobs. both in the public and the private sector. the congressional budget office has said that sequestration, if allowed to take effect, would reduce economic growth by 1.25% this year. so, there's no doubt that the sequestration would harm the economy. we need to make sure a sequestration is going to be replaced, it isn't replaced with something even worse. the president has already signed into law
will be gradual. and on the downside we have thrown a lot of roadblocks in its path. we have a debt and deficit situation which in the long term are unsustainable, and we're doing absolutely nothing to correct that. nothing. i know cbo's forecast was that we would see modest improvement in the jet crashing into debt-to-gdp ratio the next two years but i don't believe the. i don't like their forecast. i do with 4% growth is going to venture lies with the 0% increase in the interest rate. just don't see it happening. if you get when you're going to get the other one taking up and that will be very, very difficult to maintain a stable or declining debt-to-gdp ratio. but even cbo has a debt-to-gdp ratio picking up at the end of the 10 year horizon. so we have to stabilize the debt. we haven't fixed the debt. and, in fact, we spread the crisis out so that we really won't go a month without one. we have the fiscal cliff at the end of the year. nothing was done in the later part of the year. and then in the 11th hour, actually it wasn't the 11th hour. it was about the 15th hour, two and half hours aft
revenue is needed to bring down the deficit but believes it can be done without another tax hike. speaking to cbs news anchor scott pelley yesterday, the president said the u.s. can reduce its deficit by closing tax loopholes and making what he calls smart budget reductions. >> if you combine those things together, then we cannot only reduce our deficit, but we can continue to invest in things like education and research and development that are going to help us grow. >> well, today the president travels to minneapolis where he'll push for proposals to gun control durs his visit. susan mcginnis is in washington. good morning. >> good morning. this will be the president's first trip outside washington to push his gun proposalproposals. he's pushing for a big rally in support of this. in the meantime the senators are said to be preparing their own legislation very similar to the president's employee posal but conspicuously absent is the assault weapons ban. he takes his pitch for gun safety to minneapolis today. he wants congress to require universal background checks, limit how many bullets
to reduce the deficit but americans do not support less spending cuts for tax hikes. what some aresome of the details of what the president wants? reporter: the president is looking to crop $100 billion from the def site to buy an agreement that cuts a trillion and a half over the next ten years. he says the offer he made in late 2011 is still on the table. republicans say any additional revenue from tax reform should be used to lower everyone's tax rates. the president wants to cut the deficit. he says we can't afford to use it the way republicans want. >> if we are going to close these loopholes, there's no reason we should useoo the savings we obtain and turn around and spend that on new tax breaks for the wealthiest, or for corporations. if we're serious about paying down the deficit, the savings we achieve from tax reform should be used to pay down the deficit. and potentially to make our businesses more competitive. >> president's call comes a day after his two most southeastern defense advisors warned the sequester would make the country less safe, and the president says the dom
? >> the budget is the most imminent issue. we do have a structural budget deficit in the city. we need to deal with the short- term balancing of the budget in a way that does not decimate basic city services that people rely on but also to address our long term structural budget deficit. that means implementing budget reforms that will smooth out the budget process so that it is not a boom-bust process. that means reforming our pension and retiree system so that they are stable and do not drain the general fund. that is a big aspect of it. another huge issue is the deferred maintenance on our infrastructure. we have a lot of infrastructure that has been deteriorating because we have not maintained properly. that includes roads, sewer systems, muni. we need to be much more diligent about maintaining our infrastructure. some of the big citywide issues that impact the district include transportation. we had more muni service and some other districts. it is not always reliable. some of the major bus lines in the district are not reliable. we have major projects like the renovation of delores park.
the deficit instead but it didn't happen. house republicans poind out they passed a bill to replace the sequester with cuts to federal worker pay, food stamps and other programs. democrats say that puts the burden on poor and middle class americans to pay for debt reduction. >> remember the american people still believe by an overwhelming margin that the rich should contribute to this. >> reporter: republicans argue democrats have no plan for replacing the sequester beyond eliminating tax breaks for corporate jet owners and oil companies. >> these aren't real solutions, mr. president. they're poll tested gimmicks. >> reporter: the cuts were originally supposed to kick in last month, but a last-minute deal pushed them off for two months. the president is meeting at this hour with labor leaders later this afternoon with business leaders and the subject, norah and charlie, is sure to come up. >> nancy cordes thanks. >>> meantime house majority leader eric cantor will be outlining a new agenda for his party today calling for change. he wants republicans to focus
from 31 yards, deficit cut. 10 minutes left, 9ers down 31- 23, kaepernick dangerous with those wheels in from 15 oint. the two-point conversion fails but 49ers within two. less than two minutes, this really the game. 9ers down five, 4th and goal, incomplete. kaepernick trying to find crabtree. take another look, see if you see their little penalty there, jimmy smith on the coverage. yeah, they don't call it. john harbaugh with a pumped fist. jim harbaugh says this was what you should have called. no holding penalty. ravens defeat the 49ers in super bowl xlvii, 34-31 to win their second super bowl, first in 12 years, mvp joe flacco. the harbaughs with the postgame meeting. of course, ray lewis is excited, the 17 year vet goes out with a fairytale script winning the super bowl in his final game. >> it's no greater way as a champ to go out on your last ride with the men that i went out with my teammates and you looked around this stadium and baltimore, baltimore, we brought it home, baby! >> we don't make it easy, but that's the way the city of baltimore is. that's the way we are. [ chee
take effect if there is no long-term agreement to reduce the deficit. those cuts would take a bite out of military spending and domestic programs, including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> they are coming to california because this is where it is. he is not going to lubbock or wherever the places are that make up that state. >> those other places. [ laughter ] >> governor brown takes aim at texas. why he is going toe to toe with the lone star state. >> it's cleanout time. the 49ers report one more time to empty their lockers. coach harbaugh's final thoughts on the season. >> good evening to you, meteorologist paul deanno. we could use some rain around here. we really need snow in the mountains. the snowpack is dropping. we are now down to 83%. there is no rain coming from those clouds right there. but there is some rain in the extended forecast. find out when it will arrive coming up. >> and potent mixer. the reason diet soda and alcohol make for a more dangerous concoction. k-p-i-x 5's len ramirez t
with smarter spending reductions to bring down the deficit. we can do it in a gradual way so that there is less of an impact. these deductions that certain folks can take advantage of, the average person cannot. not everyone has access to cayman island accounts, the average person does not have access to carry interest income, where they wind up paying a much lower rate on the billions that they earned. we want to make sure that the whole system is fair and transparent and that we are reducing our deficit in a way that does not hamper growth and reduce the kinds of strategies that we need in order to make sure that we are creating a strong middle-class. host: jim from south carolina, on the republican line, good morning. caller: how are you? host: well, thank you. caller: you keep mentioning and hearing people talking about pensions, but pensions are just invested the same way that 401k is. stocks and bonds. people with pensions lost money as well. i heard cases where people were not going to get as much money. if someone is manages their 401k, i do not know, it needs to be managed properly and
street journal," chief economic correspondent. welcome. you wrote a piece saying how the trust deficit is hurting the economy. what we're trying to do? >> guest: we usually talk about things but budget deficits and trade deficits with things we can measure. what i'm talking about is the breakdown of trust in american society. it would take her in institutions that make our economy go. when you look at measures of trust from surveys by gallup for the pew institute that americans have, it's a very important institution including the media newspaper, television, congress, banks, large corporations, public school, public union. if all been going down for many years and allowed them, declining interest intensified leading up to and going into the financial crisis and there's a lot of reasons for the things we can talk about. but what were chained to get out of the story is this matters economy but trust breaks down. a nobel prize-winning economist named kenneth arrow for 40 years ago set every commercial transaction hasn't been a bad element of trust when you trust your counterparty come ne
instead of really dealing with the banks and dealing with the regional deficit overhang, he just created a circle of loop of help. so the government has been giving money to the regions, the banks to the regions and the government to the banks. but there's no real solution. the problems we main in spain. >> well, this is interesting. so, actually, michael brown was just talking about europe being somewhat of a closed economy. what you're talking about here in spain is this closed loop between the money that is getting in and borrowing. explain a little bit about this crazy looking chart here, flow chart, we should say, and this point that what happens in spain is staying in spain. >> this is a simplified chart of what has been going on. all the rectangular things are off balance. fade is the fund for utility financing. they're funded by the government. rajoy on the 31st of december increased the limit of these funds. frob and the bad bank are funding the banking system, the weak banks, including bankia. and the ffpp is a fund where banks have lent 30 billion to the region. on top of this
the gross receipts is not bringing in as much money we are operating as a deficit but it the gross receipts is coming in a herself we might phase in in a shorter amount of time. thank you. and the schedules are broken out into four tiers there's a zero to one million and it's exempt and 2 had the to million and above. so businesses will be taxed at the progressive tier so if you're a business that has $3 million in revenue your first million is not taxes your million to 2.5 million is talked at the 2 to 2.5 million taxable followup u amount eaten the last $500,000 will be taxed. so here's an example i mean chris has provided a good example so one million will be taxed? one million taxed the 1 tier rate did i misquote that i miss stoke so once you reach over one million that first million is taxable. so correction. and then as i noted there's a small business under one million gross receipts is exemption in the gross receipts. the one is particularly for the business fee will increase in 2014 for all businesses and i think what i'd like for you to do is flip to page 2. where i see the chart
times" economist argued why the u.s. should spend now and worry about deficit reduction later. here it is. >> dashing spending when you still have depressed economy is really destructive. it's probably even counterproductive even in purely fiscal terms. we should be sustaining government spending until we have a stronger economic recovery. >> this is not a hard call. as long as we have 4 million people who have been unemployed for more than a year, this is not a time to be worrying about reducing the budget deficit. give me something that looks more like a normal employment situation and i'll become a deficit hawk but not now. >> do you subscribe to that, jared? or is that too extreme? >> not at all. i think paul's exactly right. paul and i share the following thing. we're deficit doves in a down economy, and deficit hawks in a strong economy. at a time like this, what you really need is faster growth. by the way, not only will that help put more people to work, but it will actually help reduce your budget deficit ironically because those people will be working, paying taxes, they w
on the deficit. to keep the u.s. economy on the upswing. >> for example, we need to lower the cost of health care and programs like medicare that are the biggest drivers of our deficit. without just passing the burden off to seniors. and these reforms must go hand in hand with eliminating excess spending in our tax code. >> the president said wealthy individuals and large corporations should not have access to tax look holes and deductions not available to average americans. >>> the white house released this video of president obama skeet shooting in camp david and it was taken in august and it was answering skeptics to those who thought he didn't know how to shoot. a tennessee woman says he respects the sport of hunting. and democrats are pushing for tougher gun control legislation in congress. >>> a first of its kind event in concord, today, was aimed at keeping student athletes healthy on the field and off. the volunteers from the medical center offered health screenings for students at delasalle high school. about 15 years ago, an athlete died of sudden heart failure during a basketball game.
rainfall deficit for the year. we're down nearly half a foot of rain in san francisco, almost three inches in san jose and livermore. we do have this low pressure area. it's working its way down the california coastline right now. snow in the mountains, scattered showers for us. slight chance of a thunderstorm right at the coastline. but once this guy is gone, the rain chance is gone until likely after valentine's day. it will be with us till about lunchtime tomorrow. heading off to work, might want to leave five or ten minutes early, because the rain will likely slow things down. high pressure stays off to our west, giving us a northerly flow, a cold flow but a dry flow. after tomorrow, we will be mainly dry for a while. how much rain tonight? some of you may get half an inch of rain, maybe a little less than that for san francisco. but it's certainly not a deficit buster when it comes to rain. slight chance of a thunderstorm tonight, especially at the coast. the weekend will be sunny and cold. lows near freezing in our inland communit
approach these choices? supervisor kim: the budget is tough this year. even though our deficit is not as large as it has been, it is tough because we have made these cuts already, and did this point, we are cutting things we really do not want to cut. and it is painful. we will lose more potential services. we will also not be able to support our residents. we are looking at weekend meals for seniors. it is painful. i think we have to look at it as a combined approach. it has to be cut within city government that we can bear -- services that are less essential. second, you have to look at raising revenue in the city. i think it needs to be a combination. and third, need to be much better informed, and we have to ask our public employees to look at the budget. and they already have, but also to look back. it is a threefold approach to me. >> what are the city's housing needs him much of the board of supervisors to to address them? supervisor kim: it is tough, because we depend on the market to build housing for our residents we build at over 150% of the need. we are building ove
a deficit, i believe it's been $129 million, but don't quote me on that. it's more than $100 million. and for this reason, the mayor has given direction to all of the different department heads that when we submit our budget, we need to include some budget reductions, approximately 1.5% per year. and so our office is cooperating, of course, with that citywide effort. during the budget season, our office also participates in capital planning for the really big projects, like new buildings or ada transition plan work for barrier-removal. and a little bit later in the meeting today, i have asked our deputy director for architectural access, john paul scott to give us a briefing on some of the big projects that he submitted for our capital planning budget. now i wanted to tell you about a couple special probings that our office worked on recently. we just finish a project to develop accessibility guidelines for park lifts. -- parklet. if you haven't seen a parklet, you should walk or drive down valencia street or hayes valley, because those are the biggest concentrations that we find pa
nearly come back from the 22-point deficit in a thrill be super bowl game. next, the rousing welcome in store when they return to the bay area. >> the niners only have one more season left at candlestick park and this morning we find out what will happen to >> live from the kgo broadcast center this is abc7 news. >> it is 5:00. tough to get out of bed this morning. >> we are still trying to have a smile on our face. there is always next season. tough loss last night. >> we will get you started with a look at weather forecast that promises to be interesting. >> absolutely. still winter but you would not know it by the last couple of weeks. live doppler 7 hd shows cloud cover out there but it is slow almost locking like marine layer clouds. they will pull back to the coast and bring us sunshine throughout the afternoon. there is no cloud hanging over you, literally, and it will go away later today. temperatures in the upper 30's to mid-40's. upper 40's around oakland and san francisco. now, temperatures, increasing sunshine at coast where we will have the greatest amount of clouds and
the ravens led 28-6 and no team has ever come back from a 10 point deficit. 49ers came roaring back in the second half but the thrilling rally came five yards short less than two minutes to go and the ravens ended up winning 34- 31. [applauds] [applauds]. >> well the big come back in the second half had many 49ers holding out for a big win and having their team in the super bowl was a big achievement in its own and many were brought to tears from the disappointing loss. >>> crowds in san francisco were relatively calm last night but police still made some arrests. alex savage is in san francisco to talk about the extra precaution we are taking to prevent a repeat in vandalism, alex? >> reporter: they remained relatively calm and of course san francisco police had a lot of extra officers out in force and they had a lot of potential hot spots including the mission district and that's where we are now, things are still quiet right now. they had three times as many officers on the streets compared to an average sunday night and 49ers spilled out after that crushing loss to the ravens in
was taken to a hospital to be checked-- he suffers from asperger's syndrome and attention deficit disorder. officials are declining to release details about todays raid. but say, they decided to carry it out because the boy faced imminent danger. after dykes was seen with a gun. still no word on exactly how the gunman died. >> jacqueline: the fog is going to be returning >> jacqueline: the fog is going to be returning bec[ female announcer ] safeway presents real big deals of the week. or how to get great prices on things you need. you look around for the best deals. that's why we give you real big club card deals each week. right now best foods mayonnaise is just $2.77. so pile it on. pizza is served. digiorno pizza is just $3.88. and here's a treat. dreyer's ice cream is only $2.88. real big deals this week and every week. only at safeway. ingredients for life. growing up, we didn't have u-verse. we couldn't record four shows at the same time. in my day, you were lucky if you could record two shows. and if mom was recording her dumb show and dad was recording his dumb show then, by georg
in the budget, but he says that he wants to ask congress to find a way to reduce the deficit in a balanced way to avoid these deep and indiscriminate cuts the large measure of which would come from the department of defense. we'll get you more on that, 12:15 the president will be speaking. a young girl's fight for her life spreading a message against taliban oppression, what an amazing story this is. we now hear from the 15-year-old girl from pakistan who was shot for just wanting to go to school. gregg: a florida teenage store did not take her court appearance very seriously until the judge laid down the law, but it's what she said that actually got her more time in the slammer. >> count one would be 10,000. >> are you serious? >> i am serious. adios. [bleep] >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your mon
budget office that for the first time since president obama has been in office, we can see a deficit under $1 trillion. $884 billion is what they are suggesting. they think unemployment will go up through the next couple of years, but federal revenue, the amount of money coming into the government going up by 25%, in part, because of the fiscal cliff deal. also because the economy is improving. richard? >> tracie, we'll take under 1 trillion right now. thank you. >>> a major decision expected today from the boy scouts of america. national board members set to vote on whether to lift a decade's long band on gay leaders and scouts. the final day of a three-day meeting of officials. a controversial issue drawing fire from both sides and putting one of the country's largest youth organizations under a microscope. president obama said over the weekend that scouting should be open to everyone while texas governor rick perry expressed the opposite opinion. if board members scrap that policy, they will be able to decide for themselves to admit gays to their ranks there. >>> on the heels of t
the 10 percent pay cuts they accepted to help limit layoffs during record budget deficits. leaders indicated they would support modest raises but the police officers association argues that bigger raises are needed to keep officers from leaving the department. the union has called for opening negotiations to the public. >> the boy scouts of america board could vote whether to lit a long-term policy that excludes gay members and leaders. the executive board is wrapping up three days of meetings today at the headquarters in texas. the proposal would allow individual scout troops to decide how they want to address the issue, a conservative group in texas organized a prayer vigil this morning, and the organization is expected to issue a statement either way. >> the nasdaq could pay millions over the social media company facebook's botched initial public offering. the "wall street journal" reports that nasdaq is in talks with the government to pay $5 million in penalties which is only 1 percent of the money lost by brokers and investors. last may on the only of the facebook i.p.o. techn
,000 employees and we still are operating at a deficit. >> the deliveries of letters will stop august 5th and postal customers we talk to this morning were mixed in their reaction. >> we wouldn't miss anything, to be truthful. if they can't deliver it on saturday, they will deliver it friday or monday. >> will you miss saturday mail? >> yes i have a business and i pick up mail. >> she would still be able to get her mail at the post office if she has a p.o. box but it is home delivery and letter delivery that will stop. more coming up on abc7 news at 4:00. still ahead, the push for stricter gun control gets some star power. with celebrities talking about ending gun violence. advocates of allowing gays in the boy scouts will have to wait a little long >> in texas, six people are believed to have drown after a watery crash involving a van full of undocumented immigrants. the van crashed into a stock tank providing. drinking water if animals. ten were found alive. police south of san antonio tried to pull the van over for a broken taillight but the driver took off and lost control. on capitol
to stay north of us. we'll get some showers, but anything to put a dent in our rainfall deficit i don't see coming from the system. we'll talk about any other chance was rainfall coming up. >>> checking bay area headlines, muni is blaming a stray bolt for a cable car accident that sent seven people to the hospital. it stopped the train abruptly. investigators are trying to particular out how the bolt got into the track. >>> workers at a uc berkeley office in emeryville are trying to figure out why a bomb threat was phoned in. it forced the evacuation of two buildings this morning. an intensive search turned up nothing. >>> investigators are looking for the source of a fatal fire in san leandro. the body of a man was found inside the burning home on neptune drive just before dawn. first responders performed cpr but could not revive him. >>> the dot com hiring boom is back. the growth is not just high-tech. the technology hiring is having a ripple effect fuelling a sunge in -- surge in construction too. and that means materials are needed and a workforce to supply them. >> reporter: fro
-14 and 14-15. the mayor's office is currently projecting a 263 million dollar deficit for that two year period and that shortfall results from approximately 344 million dollars in known cost increases which is offset by 81 million dollars in estimated revenue growth over the same period. as always, this gap will have to be closed by the time the mayor submits his report, general funding departments reduced our budget, our general fund support by 3% over the next two fiscal years and they've asked us to make a 1 and a half percent cut in 13-14 and a 1 and a half percent cost in 14-15, the budget reduction targets that we received from the mayor's budget office are 465 thousand dollar reduction next year and a 558 thousand dollar reduction the next year, so in the scope of the budget reduction that they have received over the last three or four years, this is eminently manageable. two years ago, we were asked to make a 20% budget cut, so this is something that feels like we can accomplish hopefully with relatively little pain. we would hope to meet this 3% target as well as any cost inc
deficit narrowed in december, the markets also getting a boost from strong earnings reports from them. the dow up 32. the nasdaq actually closing in on a 12 year high of 27. s & p up 6. >>> palo alto based hewlett- packard has issued new rules from the use of student labor by its suppliers and factories overseas, they say the move is in response to complaints that chinese factories have been using student labor, in many parts of china factories lure them with promises of internships or temporary assignments, often using forged documents, their movements are also restricted, the require limited stands and the freedom to leave. >>> if love is blind it might also be broke after that. americans plan to spend 18.6 billion dollars to show their affection. men will account for 2/3 of that and averages out to $131 per love struck consumer. as always the big sellers are expecteded to be candy, flowers and jewelry. >>> today on ktvu channel 2 news at 5:00 we are following multiple developing stories right now, tracking down more information on the man arrested for plotting to blow up a bank and
job growth in january. >>> plus, the dutch finance minister warns of a worsening deficit this year, this after the government is forced to bail out local banks after a bailout of 3.7 million euros. >>> we kick off with the pmis out of the eurozone. january manufacturing pmi, 47.9. the flash 47.5, december manufacturing pmi was 46.1. it has boosted the euro to maintain its gaze, now back over to 1.3651 and continuing to climb high. that is now a 32-month high against the yen, as well, at 11.25965. the german manufacturing pmi was a little better, as well, this morning. helping to boost those numbers. we suggest that there's benefits from emerging markets rather than, perhaps, from elsewhere in europe. anyway, coming in better once again for the eurozone. still in contraction territory, but, of course, the trend is what is being concentrated on. we had similar indicators for two die verging views on china's recovery. eases to 50.4 for january, that was below the forecast of 5079 the. but a private survey showed growth at a two-year high. the final hsbc pmi up 52.3. which is an inch a
of his deficit reduction plan in the past. now, for more information on this, you can stay tuned to "cbs this morning" at 7:00. reporting live in pittsburg, cate caugiran, kpix 5. >>> thank you. some breaking news now out of washington, d.c. an administration official says president obama has picked rei president sally jewell as the new secretary of interior. prior to joining rei, she spent 19 years in a commercial banking industry. if confirmed she would replace outgoing interior secretary ken salazar. >>> murder in wine country. three bodies found inside a home and this morning the search now on for their killer. it's a developing story from a home on ross station road outside the town of forrestville up in sonoma county. kpix 5 reporter anne makovec has the latest. >> reporter: investigators have been doing a lot more interviews overnight. they say that they are confident they will be able to catch the murderer soon. in the meantime, this person is still on the loose because they say this was not a murder- suicide. three men were found shot
and weather together every 10 minutes. back to you guys. >>> america's trade deficit is at its lowest level in three years. here's kcbs radio's financial reporter jason brooks with more. >> reporter: good news on the u.s. economy this morning. trade deficit dropping 21% in december for $38.6 billion. that's the lowest level in nearly three years. helped out by a rise in imports thanks in particular to a big jump in oil production here in the united states. lowest level of oil production since february 1997 social networker linked in reported its earnings after the closing bell topping expectations revenue up 80% to over $300 million. linkedin stock is taking off this morning at 17% after the opening bell. linkedin has done much better than social media companies out there. numbers up on the trade data. dow up 43. close to 14,000 again. nasdaq up 23. s&p up by 6. back to you. >> thank you, jason brooks. >>> the lone star state makes a pitch for workers in california and we are counting down to the opening of the new east span of the bay bridge and
the white house asking congress to act now to avoid sequester and reduce the deficit. the president will ask congress to reduce the deficit in the short-term before automatic cuts kick in march 1st. >>> and right now, the president is meeting with labor leaders and immigration reform groups to discuss his plan to fix the nation's immigration laws, he'll discuss the issue with some of the country's most prominent ceos. the house committee is holding the first in a series of hearings on immigration reform. the committee's chairman said he hopes the hearings help house lawmakers come up with a bill on this issue. a bipartisan group of senators unveiled their own immigration proposal last week. >>> and maryland dog owners will rally in annapolis this morning in hopes of earning more protection if their pet bites someone. right now pit bulls and their owners are singled out for punishment even if the dog has no previous evidence of being dangerous. today's demonstration supports a new measure that would hold all dog owners responsible for a bite. but it also allows the owner to prove in court tha
to get some handle on the deficit problem going forward. >> you're part of the fix the debt organization trying to get congress to concentrate on entitlement reform. you have said in that capacity, in the end we're going to have to eliminate some programs. could some health care programs be included in that? >> both parties realize that they have to reorganize not simply cut deeply these entitlement programs. they serve a population that's very vulnerable. you have to be careful about shifting costs because they affect poor people and old people and disabled people in very different ways than they do the rest of us who have somewhat growing incomes. >> big transformation from the health care reform law really is next year in 2014, with the individual mandates and the state health exchanges to try to expand the coverage. 23 states have instead said that they want the federal government to run those exchanges. is that good participation? >> some of this may be transitional, to be fair to the states. they're taking on the medicaid population, which is their platform that they know a lot abo
by congress over deficit reduction in washington could hurt the u.s. economic recovery. >> we can't just cut our way poprosperrity. it hasn't worked in the past and it won't work today. it coo slow down our recovery. it could weaken our economy. and it could cost us jobs. not just now, but in the future. >> as he has done in past, the president today called for a balanced approach that would eliminate tax loopholes for the wealthiest americans and large corporations. >>> meanwhile the white house released this photo of president obama skeet shooting at camp david. the photo was taken back in august, but was released to answer skeptics who doubted mr. obama knew how to shoot. a tbs congresswoman questioned mr. obama's statements that he enjoys the sport and respects the traditions of hunting. >>> in turkey police have confirmed the identity of the suicide bomber who attacked an american embassy. police released this security video the bomber moments before he ignited the bomb. the terrorist group that claim responsible for the bombing now calls him a martyr for the anti- american cause. the
and important projects as much as we can. at the state level, as we face this huge budget deficit as well to make sure there is flexibility in spending at the local level. but i absolutely think that we need revenue measures that come on the ballot, and voters have to be thinking about ensuring that we have enough revenue so that we maintain infrastructure, the building and maintenance of the streets and buildings and even a kind of parts of the coat -- coast. the need to make sure infrastructure is there and also that we have money that -- to protect the critical safety net for seniors and young children and families and the most vulnerable in our communities as well, but i think those are key questions as the difficult budget for our city comes forward. i will be working with a coalition of family-based and community-based groups and seniors to ensure we protect our community-based services for seniors. >> what are your ideas on dealing with the issue of homelessness? >> i think homelessness has been this structural problem, not just in our city but other metropolitan areas, and i think
half, he burns the defender chris poliver. no teams ever come back from more than a ten point deficit to win the super bowl. thins got worse. after beyonce's game, a super bowl record 135-yard super bowl return. he's the first guy ever to score a -- receiving. then the power outage it. it seemed to help the 49ers. you saw this one before now. the five point game. 1:50 left. fourthand goal from the half. not going to happen. kaepernick throw is long. he may have been held. it's a quick end to a roller coaster game. john harbaugh, john now is 2-0 versus his younger brother jim. kaepernick had his first career 300-yard passing game. but at times he seemed a little hesitant. a little unsure. joe flacco was very unflakable. he is the tournament mvp. he now has 11 postseason touchdowns. that ties him with a guy, joe montana. yeah joe montana. 11 touchdowns in the first season no interceptions. he's the real deal. >> he just looked so calm. flacco did. >> they didn't get to flacco enough. there was not enough pressure. he looked to comfortable, too calm. >>> ken wayne is in new orleans and h
of running a deficit after our very dry january. thursday we get those showers. let's take you into the upcoming weekend. hey, we're done with the 49ers and football for now, but we're getting ready to start back up with baseball, of course. >> oh, yeah. >> we are your giants station. fanfest saturday looking good, back to you. >> that's right. the world champion giants. >> that's right. >>> coming up at 11:00, beyonce makes a major announcement follower her spectacular half time performance. >> maybe something to do with putting a ring op it. >>> and fan favorites. >>> virgin america announcing later today beginning may 1st it will start flying from san jose to los angeles. domestic carrier known for low fares and in-flight wifi will be facing some fierce competition from airlines, though, including southwest, american, alaska and united. the move is welcome news to silicon valley business travelers who have long been campaigning to bring more carrier to the airport. the airline plans to add 15 workers in san jose. >>> because the 49ers did not strike super bowl gold, mayor ed
deficit disorder. there is no word on exactly how the 65 year-old gunman died. >> a former navy seal sniper was one of two men killed at a shooting in a remote gun range in texas on saturday. chris kyle --known for his record number of kills as a sniper was shot and killed at a gun range in texas. veteran chad littlefield was also shot and killed. police say. eddie ray routh. admitted to shooting both men. after a short chase. police arrested routh. routh spent four years in the marines and was unemployed at the time of the shooting. investigators are still trying to figure out a motive. >> meantime. gun control returns to the spotlight. as president obama hits the road. trying to sell his plan to reduce gun violence in america. grant lodes is follwing this story. and tells us how the president is pushing his cause. grant? >> it almost seemed like mister obama was back on the campaign trail today. he flew to minneapolis.meeting with local government and law enforcement leaders. then the president spoke about ways to reduce gun violence.stressing universal background checks and a ban
more time to come up with a permanent solution for reducing the deficit. >> we should give them the chance to come up with the budget instead of making cuts costing us jobs and significantly slow down our recovery. >> the president says the u.s. economy is poised for progress in the coming year and predicted it will fall below the $1 trillion mark. >> sources tell ap tonight the pentagon is ready to offer limited benefits to same-sex partners of gay service members. likely toin clud health and welfare benefits. dpeens secretary has not made a decision because federal law prohibits him from recognizing same-sex marriages. british lawmakers voted in favor of legalizing same-sex marriage. legislation would enable same-sex couples to get married in civil and religious ceremonies. the prime minister championed the bill despite opposition from within his party. before it becomes plau it must still pass the house of lord autos as we continue here, coming up, governor brown's response to a texas raid on california jobs. >> and >>> because gas prices are high it turns out we're driving l
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